Questions regarding buying a new investment/rental property

[Evan Redmond]

Hi Everyone,

I plan to buy a new property, primarily to rent it out eventually. I have ran into this problem with multi-families: 

1. Multi-families in my area are around 100 years old. From what I have read, the average lifespan of a building is about 100 years, and I don't want to have to do a lot of work in the near future on the property.

So then I thought to buy a condo(s) instead. I recently ran into these problem with condos: 

1. The condo board can put a cap on the amount of units that can be rented out, so I might not be able to rent it out if they decide I can't.

2. If there is no cap on the rented out units, then the value of the condo will possibly go way down because some loans don't allow these types of situations, decreasing demand. 

Other questions I have are: 

1. How do I know after I buy a condo they aren't going to just raise the fees to unreasonably high levels? Do they make profit from the fees? Is there any way to protect from this?

2. What happens when the condo is at the end of its "life" and needs to be totally re-built? Also for multi-family houses. 

3. Is there any other reasons why I wouldn't be allowed to rent out my new property other than zoning, health department issues, or the ones I previously mentioned?

Any help is greatly appreciated. 

Thank you, 

Evan